The current uncertain economic situation has led to some changes in the availability of loans, suggesting that applicants should do as much research as possible to help them finance their education.

"Over the past year, the student loan climate has seen a flurry of changes," commented Kevin Walker, cofounder and chief executive officer of SimpleTuition.

He said those who are thinking of entering higher education should "think about financing options for college earlier in the process".

Mr Walker advised those looking for educational financing to first "max out" any federal loans available, such as the Stafford loan, as it does not depend on the borrower's credit score to be approved.

The amount of money that can be borrowed with a Stafford loan depends on the applicant's year in school and if they qualify for a subsidized or unsubsidized loan.

A variety of private loans are also available, he stated, though these may be more dependent on the general economic situation and will require research to find.

Finally, Mr Walker recommended that potential students enroll on federal work-study programs to help them meet educational costs, saying it "can help more than you might expect".